Awesome concept, but this is a bank account without protection. Although Robinhood claims these accounts will be SIPC-insured, the head of the SIPC says they are not: https://www.bloomberg.com/news/articles/2018-12-14/sipc-says-it-has-serious-concerns-about-robinhood-s-new-product.

PS: SIPC is like FDIC but for the balance held in a brokerage account intended for purchasing securities. Different agency, different protections, and apparently not covering Robinhood who is trying to game the system. Hopefully they can figure this out, I am excited for a Robinhood bank account!

@rrhoover Simple, Ally, and many other banks are offering 2% currently, and they are constantly increasing their rates to remain competitive. I wonder what will happen first, my bank increases interest rate to 3% or my invite for Robinhood Checking & Savings arrives.

@rrhoover@gabriel__lewis Wanted to reply to this as some information in these comments may be slightly incorrect.
"Continues to attach incumbent margins"
Not accurate. Technically these aren't savings or checking accounts. It's a money market account which they are treating as one. This also means it's not FDIC insured. A few articles came out which pointed to this being less secure given when they are doing isn't protected by the SIDC
"Simple, Ally, and many other banks are offering 2% currently, and they are constantly increasing their rates to remain competitive"
Sort of accurate but not entirely. All of those banks are offering varying levels of the Federal Interest Rate range. That means when the Feds drop the interest rate, so will these banks. The only "competitive" part of this usually when they choose to increase the rate and how they choose to market it.
"I wonder what will happen first, my bank increases interest rate to 3% or my invite for Robinhood Checking & Savings arrives."
Your invite to Robinhood is likely to happen first. Banks won't raise their rates unless the Feds raise the rates. Even more so, your money is not secured in a Robinhood Savings or Checkings account.
In a nutshell. This is not what it says it is. Be very wary of this shitty "we'll figure it out later" approach to personal finance.